Important Economy Snippets

Important Economy Snippets

Important Economy Snippets: Here we have listed some of the important economy snippets and their details which are very important topics in the competitive examinations.

 Economy Snippets  Details
Banks of India were nationalized for the first time 1969
Development expenditure of the Central government does not include Defense expenditure
 Short-term finance is usually for a period ranging up to  One year
 National Rural Development Institute is established at  Hyderabad
What is the tertiary sector of economic development Service Sector?
 India’s place in the World Production of Sugar and Sugarcane is  Second
NABARD was established under recommendations of Shivaraman Committee
 Foreign Direct Investment ceilings in the telecom sector have been raised from 74 percent to  100%
National Agriculture Insurance Scheme was launched in 1999
 Gilt-edged market means  Market of Government Securities
 The association of the rupee with Pound Sterling as the intervention currency was broken in  1992
The chairman of Fourteenth Finance Commission Y.V. Reddy
The main rubber producing state in the country is Kerala
RBI was nationalised in the year 1935
The central banking functions in India are performed by the Reserve Bank of India
Who is the regulator of Insurance sector in India IRDA
The main aim of devaluation is to Encourage exports
At present, the number of nationalised banks in the country 19
 Loss of equipment over time due to wear and tear is called as  Depreciation
Which state of India has highest Per capita income Goa
 On July 12, 1982, the ARDC was merged into  NABARD
Short term finance is usually for a period of 12 months
 In the state of India, the State Financial Corporation have given assistance mainly to develop  Small and medium scale industries
The largest producer of Coffee in the country is Karnataka
 The first Indian private company to sign an accord with Government of Myanmar for oil exploration in two offshore blocks in that country is  Essar Oil
Who is the Census Commissioner for Census 2011? C. Chandramouli
Project SANKALP is associated with the elimination of AIDS
 The Board of Industrial and Financial Reconstruction (BIFR) came into existence in  1987
 If the Cash Reserve Ratio is lowered by the RBI, its impact on credit creation will be to  Increase it
 Paper currency first started in India in  1861
The Mumbai Stock Exchange was set up in  1875
 The condition of indirect taxes in the country’s revenue is approximately 86%
 States earn maximum revenue through  Commercial Taxes
 The banks are required to maintain a certain ratio between their cash in the hand and total assets. This is called as Statutory Liquid Ratio (SLR)
 In India, the first bank of limited liability manages by Indians and founded in 1881 was  Oudh Commercial Bank
 Rangarajan Committee is related to  Public Sector disinvestment
 State with Highest Production of Wheat (2011-12) is  Uttar Pradesh
 The bank which has the highest number of branches in the world is  SBI
 State with Highest Production of Pulses (2011-12) is  Madhya Pradesh
 Bank Rate means  The official rate of interest charged by the central bank of the country
 Commercial banking system in India is  Branch banking
 Malhotra Committee is related to Insurance Sector Reforms
 State with Highest Production of Total Food Grains (2011-12) is  Uttar Pradesh
 Mr. Cyrus Pallonji Mistry took over as the chairman of which industrial group recently?  Tata Group
 Narasimham Committee is related to  Financial Sector Reforms
 The policy of Family Planning was adopted by the government in  1952
 Raja Chellaiah Committee is related to  Tax Reforms
 CMD of Bharatiya Mahila Bank is  Usha Ananthasubramanian
 State with Highest Production of Rice (2011-12) is  West Bengal
 The term MARKET in economics means  Presence of competition
 The principle means of transport of goods in India is  Railways
 Demand of commodity mainly depends on  Power to purchase
 State with Highest Production of total Oil Seeds (2011-12) is Madhya Pradesh
 The apex body for formulating plans and coordinating research work in agriculture and allied fields is Indian Council of Agricultural Research
 The largest sponge iron producer in the world is  India
 How many banks were nationalized in 1969?  14
Of the gross tax revenue of the Union Government the indirect taxes account for nearly  65 percent

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